Prepare Your Dental Practice for Unexpected Circumstances

No one wants to consider worst-case scenarios, but as many of us have experienced, situations such as death, illness or disability can occur unexpectedly. For this reason, it is important to prepare your dental practice for unexpected circumstances.

Are you prepared for a variety of situations? Do you have a plan in the event that you are no longer able to run your business? Is your family equipped to take over tending to your practice?

Unexpected events are hard on individuals and families, so we have outlined some simple steps you can take now to make dealing with your practice easier on your family or another trusted source.

Consult an Estate Planning Attorney

Working with an estate planning attorney, put a power of attorney and trust in place that includes and outlines your wishes for your practice. The trust should also enable a trusted source to handle your assets. You could also consider providing a trusted source with the contact information of a close colleague who could help with patients in the interim. An estate planning attorney can help you with these plans, so you will be prepared for any unforeseen circumstances.

Gather Practice Information

In the event that you are unable to assist with your practice, you will want to have crucial practice information accessible to your family members or another trusted source. Consider giving them an office key, the alarm codes and passwords to your computer, dental software and other accounts. 

If you are leasing your space, your trusted source should have access to your current office lease and the contact information of your property manager.

You should also create a contact list of all your staff members and trusted advisors, such as the following:

• Accountant
• Real estate broker
• Practice appraiser
• Practice broker
• Attorney
• Financial advisor

Obtain a Certified Practice Valuation

A certified practice valuation can help prepare your dental practice for unexpected circumstances. We recommend you obtain a practice appraisal every two years to guide your estate planning. Having a recent appraisal on hand also provides a starting point in the event your practice needs to be sold quickly.

By being prepared, you can ensure your practice and patients will be in good hands. 

Menlo Dental Transitions specializes in dental practice appraisals and offers reduced rates for updated appraisals completed every two years. Please contact one of our dental-specialized Certified Valuation Analysts to get started.